Florida is America's fourth largest state, and if you are one of those people who lives in Central Florida and owns a home you will need to buy Central Florida homeowners insurance. Here are a few things to consider when choosing the right policy.
Take the time to shop around
Be sure you speak with an independent agent who has access to many insurers that can provide Homeowners insurance. Additionally, if you have the need for personal auto, business and umbrella coverages, you may be eligible for a discount by securing all the policies with one company. Your insurance agent will be able to advise you properly.
Your current policy may be full of surprises
In Florida, you’re aware that typical homeowners' policies contain a special hurricane deductible, typically 2 percent or 5 percent of your home's value. This can add up to a significant amount of money in the event of a loss. Also, as you look through your policy you might find that:
Rain blown through roof vents, windows and cracks doesn't count as windstorm damage to some insurers, who consider it flooding. The same goes for storm surge. The only way to know is to ask your insurance agent.
- You're not covered for wind-blown water
Whatever you lose, adjusters can knock down its value as depreciation, based on its age and condition. After you make repairs, most insurers will send you money for the difference in value between, say, an old roof and a new roof. But you may end up not having that cash up front to pay a contractor, and it can add up to thousands of dollars.
Make use of this valuable information to determine how Central Florida homeowners insurance will best serve you, and be sure to speak with an independent insurance agency about the specific details about your policy and what is and isn’t covered.
- Your insurers may "hold back" depreciation